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Higher Deposit Insurance for Commercial Accounts in Banks and Credit Unions

New rules allow banks and credit unions to opt for higher insurance coverage for business deposits. This means greater security for company funds, but it comes with higher fees for financial institutions. The aim is to protect larger amounts in case of bank failures.
Key points
Banks and credit unions can insure commercial deposits for higher amounts than before.
Higher insurance means greater security for businesses, but financial institutions will pay higher premiums.
Changes apply only to commercial deposits, not individual savings (unless operating as a sole proprietorship).
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Status:
Expired
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Additional Information
Print number: 118_HR_3928
Sponsor: Rep. Schiff, Adam B. [D-CA-30]
Process start date: 2023-06-07
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Deposit Insurance Reform Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3928.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-07.

What are the main provisions?

Key points include:

  • Banks and credit unions can insure commercial deposits for higher amounts than before.
  • Higher insurance means greater security for businesses, but financial institutions will pay higher premiums.
  • Changes apply only to commercial deposits, not individual savings (unless operating as a sole proprietorship).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schiff, Adam B. [D-CA-30].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy